A Company Had 270 Units of Inventory at a Cost

question 10

Multiple Choice

A company had 270 units of inventory at a cost of $154 each on March 1. On March 5, the company purchased 470 units of inventory for $174 each. On March 10, the company purchased 170 units for $214 each. On March 20, 540 units were sold. Given this information, determine the cost of the 540 units sold using the weighted average periodic inventory method. (Do not round your intermediate calculations; round the final answer to nearest dollar amount.)

• A)$64,949.
• B)$70,380.
• C)$72,380.
• D)$94,791.
• E)$96,791.

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Definitions:

Fourteenth Amendment

An amendment to the U.S. Constitution that grants citizenship to all persons born or naturalized in the United States and guarantees equal protection under the laws.

Closely Held Corporations

Corporations that have a small number of shareholders and whose shares are not publicly traded, often managed by the shareholders.

Enacted Special Legislation

Laws that have been passed to address specific issues, often pertaining to a particular locality or group, rather than general or widespread concerns.

Transfer of Shares

The process of moving ownership of shares from one party to another, either through sale, gift, or inheritance, commonly documented by a stock transfer form.